Background

Oil and Natural Gas Corporation Ltd (ONGC) has its origins towards the end of 1955 when the GoI set up an Oil and Natural Gas Directorate, as a subordinate office under the then Ministry of Natural Resources and Scientific Research for developing the oil and natural gas resources of the country. In Aug 1956, the Directorate was raised to the status of a Commission with enhanced powers and in Oct 1959, the Commission was converted into a statutory body by an act of the Indian Parliament. The main functions of the Oil and Natural Gas Commission included planning, promotion, organising and implementing programmes for development of petroleum resources and the production and sale of petroleum and petroleum products produced by it. During 1961-1990, the company found new resources in Assam; established new oil province in Cambay basin (Gujarat), and added new petroliferous areas in the Assam- Arakan Fold Belt and East coast basins - both inland and offshore.

In 1993, the conversion of business of the erstwhile Oil & Natural Gas Commission to that of Oil & Natural Gas Corporation Ltd took place and in Feb 1994 ONGC was re-organised as a limited company. In 2002-03, ONGC acquired MRPL and diversified into downstream petroleum sector. Business Profile

Business Profile

ONGC is engaged primarily in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. The company’s major products include crude oil, natural gas, LPG, naphtha, SKO and HSD. The company is also involved other activities such as deepwater exploration and drilling, exploration in frontier basins, marginal field development, optimization of field development plan field recovery and other allied areas of service sector. ONGC has also entered into the overseas market through its subsidiary ONGC Videsh Ltd (OVL). In FY09, the company made 28 new discoveries - 17 oil and 11 gas. Some of the MOUs that the company entered into with in FY09 included; Petronet LNG Ltd for jointly sourcing LNG along with setting upstream gas liquefaction plant(s) & setting up of re-gasification plant & other downstream gas ventures; Indian Oil Corporation for mutual cooperation in the fields of exploration, production & marketing; Shell India Ltd for technology solutions for increasing production from onshore aging oil-fields and Ashok Leyland Project Services Ltd for sourcing of LNG on long term at a competitive price & pursuing integrated E&P & downstream opportunities.